Most Millennials and Gen Z have savings that only cover 3 months of living expenses.

Economics & Macro

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Dwi Hadya Jayani 14/01/2022 14:50 WIB

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56.5% of respondents stated that their savings, if used for daily expenses, would only last for the next three months.

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Most Millennials and Gen Z have savings that only cover 3 months of living expenses.

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Duration of Savings Use for Daily Needs

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Emergency funds are necessary for the community to survive economic shocks. Research by the Katadata Insight Center (KIC) and Zigi shows that almost 40% of respondents set aside their income for savings.

However, the majority of savings used as emergency funds only cover daily needs for three months or less. This was revealed by 56.5% of millennial and Gen Z respondents.

Furthermore, 23.1% of respondents admitted to having emergency funds for 4 to 6 months. Then, 11.5% of respondents stated that emergency funds were sufficient for 7 to 12 months. Finally, only 8.9% of respondents stated that their savings were sufficient to meet daily needs for more than a year.

The survey was conducted from September 6 to 12, 2021. Its purpose was to explore the financial condition of the community amidst the pandemic, especially among Gen Z and Gen Y, and to investigate financial behavior and perceptions of investment.

The KIC and Zigi survey involved 5,204 online respondents aged 15 and above who access the internet.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Most Millennials and Gen Z have savings that only cover 3 months of living expenses.

Most Millennials and Gen Z have savings that only cover 3 months of living expenses.

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Most Millennials and Gen Z have savings that only cover 3 months of living expenses.

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